1. Talks on National Debt Ceiling Increase Halted
As the August 2nd deadline looms closer, the House hit another roadblock on the road to increase the federal debt limit. ... "There is not support in the House for a tax increase, and I don't believe now is the time to raise taxes in light of our current economic situation. ... Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke fear that if the August 2nd deadline is not met with an increase in the nation's debt ceiling, the U.S. could possibly default on its debts, which could convulse financial markets and lead to renewed recession (Lightman)....
- Word Count: 795
- Approx Pages: 3
- Has Bibliography
- Grade Level: High School